MMFs’ reverse repos with Fed surged 35% last year

Fidelity-run funds drove 29% of the $601 billion in new trades

US money market funds (MMFs) closed 2022 by piling back into the Federal Reserve’s reverse repo facility, driving total utilisation to a record $2.34 trillion, data compiled by the Office of Financial Research shows.

After two months of declines, MMFs’ trades vis-à-vis the Fed surged 17% in December. At $337.1 billion, it was the largest monthly increase of 2022. Year on year, reverse repos were up 35%, or $601.1 billion.

Reverse repos with the Fed accounted for 45% of total investments by US MMFs

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